Money laundering case: 7 crore rupees seized in 10 months

According to the BFIU’s report on Prevention of Money Laundering and Terrorist Financing, Tk 6 crore has been seized against nine cases under investigation in 10 months till April this year.

The intelligence agency in charge of monitoring financial irregularities said in a report that Tk 26 crore of the confiscated money has been deposited in the government treasury.

The report was presented at a seminar organized by the Bangladesh Financial Intelligence Unit (BFIU) on Saturday.

The seminar titled ’20 years of BFIU to prevent money laundering and financing of terrorist activities in Bangladesh’ was held at Bashundhara Convention Center in the capital. The chief guest was Fazle Kabir, Governor of Bangladesh Bank.

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Meanwhile, the Swiss National Bank (SNB), the central bank of Switzerland, has been again asked for information about the money smuggled from Bangladesh, said BFIU Additional Director Md. Kamal Hossain.

He said that like every time, information has been requested from BFIU.
On Thursday, the SNB in ​​its annual report disclosed to Swiss banks the liabilities of individuals and entities from different countries.

It can be seen that in 2021, the amount of money deposited in the name of Bangladeshis in the banks of Switzerland has increased by 55 percent to 8 crore 11 lakh Swiss francs. This is the highest since 1998.

Although the previous three consecutive years have been reduced, in the last one year there has been a huge leap in the name of Bangladeshi individuals and organizations.

Speaking at the seminar on Saturday, the BFIU Additional Director said that a letter was sent to SNB regarding the money smuggled from Bangladesh. BFIU has received information about the finances of 8 individuals and organizations in Bangladesh from Swiss National Bank at different times.

“That information has been passed on to various law enforcement agencies, the ACC and the investigating agencies in Bangladesh.”
According to the seminar organized by BFIU, a financial intelligence agency in the country, SNB has been disclosing information about the money of individuals and organizations in Swiss banks since 2014 on the basis of clear allegations of money laundering or corruption.

The country’s privacy policy is the main reason behind the interest of rich people around the world to keep their money in Swiss banks. Banks are not required by law in Switzerland to disclose information to their customers. They do not want to know the source of money.

Meanwhile, BFIU has so far collected information about 600 individuals and organizations from different countries.

It was informed in the seminar that money is laundered from Bangladesh mainly to the United States, United Kingdom, Hong Kong, Dubai, Singapore and European countries.

The seminar focused on suspicious transactions in the country, money laundering and counter-terrorism financing, based on BFIU’s report on various cases seized and confiscated this year and in previous years.
However, the report presented at the seminar did not say which agency seized the money based on the nature of the cases and the details of the cases and the opinion of the BFIU.

According to the report, in the last fiscal year 2020-21, against the seven cases, Tk 36.36 crore was seized by the court order.

In the last five years, Tk 1,333 crore has been seized against 63 cases under investigation. Of this, Tk 1,273 crore has been deposited in the government treasury after the announcement of confiscation.

BFIU chief Masud Biswas presided over the seminar while Mohammad Saleem Ullah, Secretary, Financial Institutions Division, Ministry of Finance was the special guest.

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